The case of American Bank & Trust Co. et al. v. Federal Reserve Bank of Atlanta et al. was a significant legal dispute that involved the Federal Reserve Bank of Atlanta and several American banks. The core issue centered around the treatment of electronic check clearing and the related fees imposed by the Federal Reserve Bank.
In this case, the American Bank & Trust Co. and other banks challenged the legality of certain fees charged by the Federal Reserve Bank of Atlanta for the electronic processing of checks. The banks argued that these fees were excessive and not in line with the Federal Reserve's mandate to provide check clearing services at cost. The case made its way through the court system, ultimately reaching the Supreme Court, which had to determine the appropriate scope of the Federal Reserve's authority in setting fees for electronic check clearing.